FE · 10-Q · 2026Q1 · Full report

Accounting Restatement / Correction

FIRSTENERGY CORP · 2026-04-28 · Importance 25 · Surprise 42

During Q4 2025 JCP&L identified an error in recording certain smart meter cost of removal expenses associated with its AMI deployment, which resulted in an understatement of expense on income statements and regulatory assets/liabilities on balance sheets back to 2023. Although the specific impact on each affected prior period was described as not material, the cumulative effect led JCP&L to revise previously issued interim financial statements. Management corrected the error and other immaterial errors and revised previously issued interim results for the three months ended March 31, 2025. The correction and restatement relate to smart meter removal accounting and affect previously published interim results.